Nvidia registers strong Q2 earnings, drives AI-linked crypto to significant gains
Traders are keeping an eye on artificial intelligence cryptocurrencies like GRT, AGIX and FET as the chip manufacturer releases its Q2 earnings.
artificial intelligence
Highlights
- Nvidia surpasses Q2 earnings predictions with $13.51 billion in revenue and $2.70 earnings per share
- AI-linked cryptocurrencies experience growth of over 4% within 24 hours
AI-linked cryptocurrencies maintained significant gains on Wednesday as Nvidia (NVDA) surpassed Q2 earnings predictions, solidifying the bullish AI trajectory.
Nvidia disclosed Q2 revenue of $13.51 billion, exceeding the anticipated $11.19 billion as per FactSet records. Earnings per share for Q2 stood at $2.70, outpacing projections of $2.08.
AI tokens surge amid Nvidia's Q2 performance
Amid rising anticipations for its quarterly results, Nvidia's stock reached a historic peak on Wednesday. Notably, the chip manufacturer anticipates Q3 revenue around $16 billion (with a deviation of 2 percent), in contrast to estimates of merely $12.59 billion.
Tokens like GRT, FET, RNDR, AGIX and INJ exhibited growth of over 4 percent within the past 24 hours. This development comes on the heels of Nvidia's exceptional Q1 performance last May, which unveiled an exceedingly optimistic AI revenue outlook.
Nvidia's CEO signals accelerated shift to generative AI
In a press release, Jensen Huang, founder and CEO of Nvidia said, “Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI." "The race is on to adopt generative AI," he added.
This sentiment, combined with AI's increasing mainstream presence, including innovations like OpenAI's ChatGPT, spilled over into AI-associated cryptocurrencies, propelling them skyward. However, they experienced a pullback during the summer, concurrent with the broader market decline.
Following the regular trading session, Nvidia's shares surged over 7 percent in after-hours trading, building on a 3 percent increase earlier in the day. TradingView data indicates a year-to-date stock appreciation of over 200 percent.
In short, AI-related cryptocurrencies sustained notable gains due to Nvidia's surpassing of Q2 earnings projections. The company's robust performance validates the ongoing bullish AI trajectory. Nvidia's revenue and earnings exceeded estimates, with Q3 revenue expectations also far surpassing predictions.
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